Commonwealth Treasury

The Australian Treasury began operations in Melbourne in January 1901, the smallest of the seven Commonwealth departments established with Federation. The original five members of the department were bookkeepers. Over time, the department was required to establish policy in areas such as public service pay and conditions, bank notes, the taxation system including land and income tax, pensions and other welfare payments, postage stamps and the collection of statistics. Today, as a central policy agency, the Treasury is expected to anticipate and analyse policy issues with a whole-of-economy perspective, understand government and stakeholder circumstances, and respond rapidly to changing events and directions. The Treasury is engaged in a range of issues from macroeconomic policy settings to microeconomic reform, climate change to social policy, as well as tax policy and international agreements and forums. The Treasury also has a program delivery role in supporting markets and business, and providing Commonwealth payments to the state and territory governments.